My journey to a simpler life filled with riches

Archive for December, 2014

Income

Income this month was boosted by the receipt of MrRichLife’s small inheritance from his Pop’s estate.

Expenses

Urghhh…another huge month of expenses in the tax/investment category. Both MrRichLife and I are making quarterly PAYG tax instalments to the ATO now, which means at least $3000 in additional tax every 3 months! I need to retire so we don’t have such big incomes I guess. We also had a big bill from the Solicitor for wills and power of attorneys and a big bill from the accountant for getting the Family trust and Company up and running again. Hopefully the Family Trust will help us to reduce our tax burden and make it all worthwhile!

MrRichLife has continued to add to his tool collection for his nano-businesses. He’s got a budget of $7500, so he’s spent about 75% of that so far.

‘Discretionary’ expenses were not too bad this month. Groceries and dining out were surprisingly good, although I did go a little overboard with shopping for some new clothes for me and RichLifeJnr and some xmas gifts.

Savings Rate

This month we saved 51% of our income. It’s not awesome, but considering our ridiculous tax and investment expenses and MrRichLife’s business purchases, it’s not too bad I suppose.

Savings Invested

Just over $45,000 transferred for investing so far this financial year. We are doing well against our savings goal and are well on track to invest over $100,000 this year.

Asset Allocation

We’ve started dollar-cost-averaging into gold, bonds and shares, but they don’t really show up on the chart yet due to small quantities so far. Dipping our toes into the market ever so slowly.

Change in Net Worth

This is a new chart this month. I want to track changes to our Net Worth. We need to make sure that we are continuing to grow our early retirement ‘stash’. Looks like a good month. Net Worth is up nearly $32,000 this month due to savings, inheritance and maturation of a couple of term deposits.